HSBC opens in Vung Tau

HSBC Vietnam further strengthened its national network by opening a representative office in Vung Tau City.

The facility is the only representative office of a fully foreign-owned bank in this economically important locality, providing corporate clients with a central liaison point for their dealings with HSBC Vietnam.

Sumit Dutta, CEO of HSBC Vietnam, said: “HSBC Vietnam sees excellent potential for its corporate banking business in Vung Tau. We very much look forward to promoting the development of FDI and the growth of domestic firms in the area by offering them HSBC’s comprehensive range of banking products and services and connecting them to our vast international customer base all across the world”.

Vung Tau is 100 kilometres south of Ho Chi Minh City and has excellent road and sea links to the metropolis and was designated by the Vietnamese government as a focal economic zone.

Its main sectors include petroleum, petrochemicals, and steel and cement production while tourism and fisheries also play a significant role in the local economy.

The State Bank of Vietnam on July 23 issued a document to request foreign credit institutions and banks in Vietnam to send reports on their credit products and programmes to the central bank before August 2.